Gospace AI Limited

Gospace AI Limited
Directors' Report
For the year ended 31 March 2025

Director's report and financial statements

The directors present their annual report and the financial statements for the year ended 31 March 2025.

Directors

The directors who served the company throughout the year were as follows:

B F Davison

E E Tweedale

A Robertson

C Meyer

Statement of directors' responsibilities

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to

select suitable accounting policies and then apply them consistently
make judgments and accounting estimates that are reasonable and prudent
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:

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B F Davison
Director

Date approved: 29 December 2025

Gospace AI Limited
Statement of Financial Position
As at 31 March 2025

	Notes	2025 £	2024 £
Fixed assets
Intangible fixed assets	3	0	875
Tangible fixed assets	4	7,360	11,847
		7,360	12,722
Current assets
Debtors	5	5,897	93,021
Cash at bank and in hand		3,158	227,182
		9,055	320,203
Creditors: amount falling due within one year	6	(980,017)	(669,623)
Net current assets		(970,962)	(349,420)

Total assets less current liabilities		(963,602)	(336,698)
Creditors: amount falling due after more than one year	7	(338,568)	(727,914)
Net assets		(1,302,170)	(1,064,612)

Capital and reserves
Called up share capital	8	15,009	15,009
Share premium account	9	3,562,676	3,562,676
Profit and loss account		(4,879,855)	(4,642,297)
Shareholders' funds		(1,302,170)	(1,064,612)

For the year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The financial statements were approved by the board of directors on 29 December 2025 and were signed on its behalf by:

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B F Davison
Director

Gospace AI Limited
Notes to the Financial Statements
For the year ended 31 March 2025

General Information

Gospace AI Limited is a private company, limited by shares, registered in England and Wales, registration number 09096842, registration address 9th Floor, 107 Cheapside, London, EC2V 6DN.

The presentation currency is £ sterling.

Accounting policies

Significant accounting policies

Statement of compliance

These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.

Going concern basis

The directors have considered the prospect of the business for the next twelve months and beyond and have arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The directors have also pledged their financial support to assist with this if required. On this basis, the directors will continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are not discounted

Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

Intangible assets

Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Other Intangible
Other intangible assets are domain name. It is amortised to the income statement over its estimated economic life of 3.5 years.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Plant and Machinery	25% Reducing Balance
Fixtures and Fittings	20% Reducing Balance
Computer Equipment	33.33% Straight Line

Financial instruments

The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.	Average number of employees Average number of employees during the year was 10 (2024 : 10).

Intangible fixed assets

Cost	Other	Total
	£	£
At 01 April 2024	5,669	5,669
Additions	-	-
Disposals	-	-
At 31 March 2025	5,669	5,669
Amortisation
At 01 April 2024	4,794	4,794
Charge for year	875	875
On disposals	-	-
At 31 March 2025	5,669	5,669
Net book values
At 31 March 2025	-	-
At 31 March 2024	875	875

Tangible fixed assets

Cost or valuation	Plant and Machinery	Fixtures and Fittings	Computer Equipment	Total
	£	£	£	£
At 01 April 2024	872	10,374	27,926	39,172
Additions	-	692	2,998	3,690
Disposals	-	-	-	-
At 31 March 2025	872	11,066	30,924	42,862
Depreciation
At 01 April 2024	665	4,659	22,001	27,325
Charge for year	52	1,201	6,924	8,177
On disposals	-	-	-	-
At 31 March 2025	717	5,860	28,925	35,502
Net book values
Closing balance as at 31 March 2025	155	5,206	1,999	7,360
Opening balance as at 01 April 2024	207	5,715	5,925	11,847

Debtors: amounts falling due within one year

	2025 £	2024 £
Trade Debtors	0	6,129
Amount Owed by Group Undertakings	158	0
Other Debtors	5,739	79,119
Directors' loan accounts	0	7,773
	5,897	93,021

Creditors: amount falling due within one year

	2025 £	2024 £
Trade Creditors	45,391	90,204
PAYE & Social Security	76,405	92,070
Accrued Expenses	51,221	117,430
Pensions payable	740	1,284
Other loans	25,000	35,000
Directors' Current Accounts	641,591	130,908
VAT	139,669	202,727
	980,017	669,623

Creditors: amount falling due after more than one year

	2025 £	2024 £
PAYE - Non-current	113,269	519,304
Convertible Loan	225,299	208,610
	338,568	727,914

Share Capital

Allotted, called up and fully paid	2025 £	2024 £
1,495,371 Ordinary shares of £0.01 each	14,954	14,954
5,536 Ordinary A shares of £0.01 each	55	55
	15,009	15,009

Share premium account

	2025 £		2024 £
Equity Share Premium b/fwd	3,562,676		3,562,676
	3,562,676		3,562,676

10.

Prior period restatement

The closing 2024 other debtors and profit and loss account have been restated to account for R&D tax credit received in September 2024 relating to the claim made for the year ended 31 March 2023.

Particulars		As previously reported £		Adjustment £		As restated £
Profit and loss account		(4,721,417)		79,119		(4,642,298)
Other debtors		-		79,119		79,119

Registered Number: 09096842
England and Wales
GOSPACE AI LIMITED

Unaudited Financial Statements

Period of accounts Start date: 01 April 2024 End date: 31 March 2025